A trader bought 5,000 December 18 puts for the ask price of $1.12 under open interest of more than 12,000 contracts, optionMONSTER's systems show. At the same time he or she sold 5,000 December 19 puts for the bid price of $1.87 against open interest of 3,201, so that was a new position.

The trade is odd in either case, given that both strikes are in the money . It is either a new credit spread or a roll in which the trader buying back the short puts at the lower strike and moving the position to the higher contracts. Regardless, the trader sees VALE back above $19 by December expiration. (See our Education section)

VALE is off 0.24 percent at $17.19 this morning. It has found support at $17 aside from a quick dip to the three-year low just below $16 at the start of September.